Cairo-Mubasher: Pressures are likely to continue on The Egyptian Exchange (EGX) on Tuesday, with the benchmark EGX30 is expected to test the support level of 6,500 points, said technical analysts.
Ayman Fouda, head of capital market committee at the African Economic Council, said the indices would move sideways with an upward bias as a purchasing power may emerge at the key support levels.
EGX30 has resistance at 6,700 and then 6,780 points, and support at 6,600 and then 6,550, while EGX70 has resistance at 377 and then 380 and support at 371 and then 367, Fouda said.
He advised investors to hold their equities especially as this is less risky than random selling when jitters prevail in the market on some external factors.
Mona Hassan, chief technical analyst at MubasherTrade said EGX30 closed Monday in red at the 6,634 level, breaking its support of 6,700 points. She expects EGX30 to see further decline to the 6,500 level.
